The article reports that ML Manager LLC, acting on behalf ofinvestors in the project at 110 E. 7th St. placed the unpaidprincipal of the developer, Temple Land Co. LLC, at $135 million.Part of the difficulty with the project involved the recession. Theother problem was that the project had been originally financed byMortgages Ltd., which itself declared Chapter 11 in 2008, weeksafter the suicide death of its CEO, Scott Coles.
Ken Losch, who headed up Tempe Land Co. tried everything hecould to keep Centerpoint going, even going so far as to file for voluntaryChapter 11 protection in late 2008. But Losch had littleluck with the frozen credit markets. As a result, Centerpoint isonly half complete, with its 22-story tower close to completion andits 30-story tower about half done.
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